USDA export sales: Soybeans lead big sales week

USDA export sales: Soybeans lead big sales week

Corn and wheat see big increases in USDA export sales report

Soybeans had another big week in exports with sales at 76.7 million bushels, up nearly 3% from the week before, with China taking more than half of the business, USDA's export sales report said Thursday.

The soybean sales topped trade estimates in a Reuters poll by a small margin. China has been an active buyer, so a large number was expected. A small amount of 2016/2017 soybeans, 2.5 million, were sold and went to unknown destinations and Japan.

Weekly corn sales of 27.9 million bushels were nearly triple the previous week's business and easily topped trade forecasts. Mexico, Colombia and Peru were the leading buyers.

USDA export sales: Soybeans lead big sales week

Wheat also had a big week, with export sales of 20.2 million bushels, up 54% from the prior week to eclipse trade forecasts by a small margin. South Korea, the Philippines and Thailand were the leading buyers.

Chicago soybean futures turned a little lower after the export sales as traders watched widespread beneficial rain fall in South American crop areas.  Volume-leader January closed the overnight session down a penny at $8.81-3/4 per bushel.

December corn futures closed the overnight up ½ cent at $3.76-1/2 after holding near unchanged ahead of export sales. December soft red winter wheat closed overnight a penny higher at $5.07 after trading a fraction lower earlier.

Soymeal export sales of 218,700 were down 17% from the prior week and led by Japan, Mexico, and Portugal.

Sorghum sales came in at nearly 5.7 million bushels,  a big improvement from the prior week. with China and Mexico the leading buyers.

USDA export sales: Soybeans lead big sales week

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